Elon Musk has sold about US$36 billion in Tesla shares in the past year. Find out more.
Tesla shares gained less than one per cent during pre-market trading in New York on Wednesday. The stock tumbled 46 per cent this year through Tuesday’s close, and has lost US$600 billion in market capitalization since peaking last November.Article content
The world’s richest person followed through with his takeover of the social-media platform in October, after spending months trying to get out of it. It’s not fully clear how the US$44-billion deal ultimately was financed, beyond the roughly US$13 billion in debt commitments by Wall Street banks.Several high-profile individuals promised to invest some US$7 billion, though it isn’t known whether all of them stuck to their pledges.
But one thing’s clear: Twitter’s losing money and now faces annual interest payments of nearly US$1.2 billion. Since Musk took over, several major companies have halted their ads on the platform, waiting to see how it evolves under the billionaire’s leadership.Article content“It looks like Musk is preparing for things to stay bad at Twitter for the next year,” said Gene Munster of Loup Ventures after the stock sales became public. “He’s preparing for Twitter to be a money hole.
Musk, 51, and his financial right-hand man, Jared Birchall, did not respond to an emailed request for comment.
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